Panasian Padiyapellella I & II SHPP

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Panasian Power PLC acquired 90% of the project company Padiyapellella Hydropower (Pvt) Ltd, which was developing small hydropower plants totalling 6.6MW. The development was expected to take place in two stages. The first stage was to be 3.6MW. Panasian Power was a wholly-owned subsidiary of Power Hub International Sbn Bhd, from Malaysia - a subsidiary of Majulia Group. Commissioning of the first stage was expected for August/September 2012. Construction licenses were obtained by the project company for phase 2, consisting of 3.0MW. Panasian Power also operated the Rathganga Power plant, which was expected to be expanded from 2MW to 3MW. Total project costs were unavailable, however the 90% equity was purchased for a price of Rs.910 million (US$ 7 million). The project applied for UNFCCC CDM financing in 2010. Sunday Observer (Sri Lanka), Panasian Power Acquires Hydropower Plant, 15 July 2012. http://www.panasianpower.com/about/ http://www.majuliagroup.com/aboutus/overview